07-31-2016, 04:01 AM
Actually, the US figures weren't that bad, from Econbrowser
They key factor in today’s weak numbers was a drawdown of inventories. Real final sales grew at a 2.4% annual rate with half that growth being met by selling out of inventory rather than new production. Jason Furman, Chair of the White House Council of Economic Advisers, emphasizes that inventory changes are the most volatile and least persistent component of GDP growth, and sees a steadier and more reassuring picture if you focus just on real final domestic purchases.
